Summary
Extra Space Storage Inc. (EXR) has announced the full redemption of its 3.125% Exchangeable Senior Notes due 2035, with the redemption date set for November 2, 2020. The company intends to redeem all outstanding notes at their principal amount plus accrued and unpaid interest. This action suggests a proactive approach by the company to manage its debt obligations and potentially reduce interest expenses. Investors holding these notes should be aware of the upcoming redemption and the deadline for exchanging their notes into EXR common stock.
Key Highlights
- 1Extra Space Storage LP issued a notice of full redemption for its 3.125% Exchangeable Senior Notes due 2035.
- 2The redemption date is scheduled for November 2, 2020.
- 3The redemption price will be 100% of the principal amount plus accrued and unpaid interest.
- 4Holders of the Notes have the option to exchange them for shares of Extra Space Storage Inc. common stock.
- 5The deadline for exchanging Notes into common stock is October 29, 2020, at 5:00 p.m. New York City Time.
- 6As of October 2, 2020, the Notes were exchangeable at an approximate price of $90.91 per share with an exchange rate of 11.0001 shares per $1,000 principal amount.
Frequently Asked Questions
Extra Space Storage LP has announced a full redemption of these notes. This means the company will pay back the principal amount plus any accrued interest to the noteholders on the redemption date.
The redemption date is November 2, 2020.
You have two main options: 1) Hold the notes until the redemption date and receive the principal plus accrued interest. 2) Exchange your notes for shares of Extra Space Storage Inc. common stock before the exchange deadline, which is October 29, 2020.
As of October 2, 2020, the Notes were exchangeable at an Exchange Rate of 11.0001 shares of the Guarantor’s common stock per $1,000 principal amount of Notes. This equates to an approximate exchange price of $90.91 per share.